The Timeshare Company goes Bankrupt: The development is padlocked and sold off in bankruptcy court. Meanwhile, you are still being dunned for your "maintenance fee" and of course the payments on the loan you took out to buy the timeshare. Getting out from underneath both, can be difficult.You go Bankrupt: You've made a lot of bad choices in life, including buying a timeshare. Not only did you squander tens of thousands of dollars by purchasing it, you spend hundreds a year on "maintenance fees" to maintain your one-week condo (often more than the cost of renting a hotel room nearby!). So you declare bankruptcy, hoping that this will relieve you of the burden - you can give up the timeshare and no longer have to pay maintenance fees. Guess what? They don't want your share back - and in theory, they could, in some States, make you keep paying maintenance fees - forever!Your Parents Die: Your Mom and Dad weren't very smart, and as they got older, they got more and more confused. They went to a "free seminar!" after getting a postcard in the mail promising them a free gas grill if they would attend a timeshare seminar. The nice people they meet at the seminar all rave about what a great "opportunity" this is! So Mom and Dad buy a timeshare. It never quite worked out the way they thought it would - and those maintenance fees kept going up! And as they get older, they can't use the timeshare anymore - and are chagrined to find out they cannot even give away their "investment." They pay $500 to a "timeshare resale company" only to have that money evaporate as well. They finally die and leave you their estate. The timeshare company now comes after you for the maintenance fees for this worthless "investment."You Just Don't Like It: The timeshare in the West Virginia mountains seemed really nice when you first went there. But then you realize it is a four-hour drive from your home, and not really near anything of interest. It is like going to a motel room in the middle of nowhere for a week, and a rather expensive motel room at that. Worse yet, after a few years, the brand-new amenities start to look worn out. The hot tub is broken, and the cheap texture 1-11 siding on the building is mildewing and rotting off. It all looked so nice and fancy when you bought, but now you realize that it was a cheaply built series of buildings. And all the verbal promises of future improvements (like the tennis court) were never built - and such verbal promises are unenforceable. And worse, the maintenance fee is now nearly double what it was when you "bought" your unit. You try to sell it, but again, no one wants to buy a resale timeshare. You are stuck with it forever, unless you can hope to unload it through bankruptcy. Good luck!
Today, our legal and commercial climate is "fuck you buddy!" and if you dumb enough to put your foot in a bear trap, then you are left to your own devices to gnaw off your own leg to escape from it. Whether it is high-interest-rate "rewards" cards, onerous "liars loan" mortgages on overpriced mini-mansions, or rotten lease deals, payday loans, title pawn loans, or the like, the name of the game today is to financially ruin the consumer. And if the consumer isn't smart enough to figure this out, well, then, fuck him. Right?